The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 88 Bcf natural gas into storage for the week ended Sept. 24. The result barely exceeded the midpoint of analysts’ estimates, but it was not high enough to curb upward pressure on Nymex natural gas futures.

storage September 30

Ahead of the EIA report, the November contract was up 7.0 cents at $5.547/MMBtu, paring losses from a day earlier. The prompt month advanced further to $5.563 when the EIA data was released mid-morning. By 11 a.m. ET, the November contract was up 16.0 cents to $5.637.

The build easily exceeded the 74 Bcf print for the same week in 2020 and the five-year average of 72 Bcf.

Storage levels in the United States over the past four weeks have steadily climbed, topping expectations, and...